How Coffey Healthcare’s finance team runs USD and GBP supplier payments from Ireland, with rates and costs shown at the point of trade.
At a glance
- Client: Coffey Healthcare, an Irish healthcare distribution company serving Ireland and Northern Ireland.
- Team involved in FX: Four people covering the Managing Director, CFO, accounts payable and accounts receivable, planning and approving payments collectively.
- Use of Alt21: Multi-currency spot FX execution for USD and GBP supplier payments.
- Previous FX provider: A traditional Irish high-street bank.
About Coffey Healthcare
Coffey Healthcare is an Irish healthcare distribution company serving Ireland and Northern Ireland. The business works with suppliers based around the world, which means regular supplier payments are made in US Dollar and Sterling alongside its Euro-denominated activity in the domestic market.
The team
Finance at Coffey Healthcare is run by a three-person team covering the CFO, accounts payable and accounts receivable. FX activity sits with the finance team, with payments planned and approved collectively together with Peter Coffey, the Managing Director.
In total, four people are involved in FX at Coffey Healthcare, working as a group rather than through a dedicated treasury function.
The team meets weekly to structure upcoming supplier payments. In those meetings, they review commitments, plan the FX purchases needed to cover them, and set the sequence and timing for execution on Alt21.
“We have weekly payment meetings where we sit down and discuss what our needs and requirements are for the week and next month, and then we structure our payments, our planned purchase of foreign exchange, and our payments from those meetings.”
Peter Coffey, Managing Director, Coffey Healthcare
The shape of the activity is straightforward:
Supplier payments in USD and GBP, not payroll or intercompany.
What Coffey Healthcare needed from a provider was accuracy on cost, visibility on timing, and the ability to plan the week’s payments as one piece of work rather than a series of one-off transactions.
Where Alt21 fits
Coffey Healthcare previously handled all FX through a traditional Irish high-street bank. The team found the setup wasn’t working for a business that runs supplier payments on a weekly cadence and needs to know what they will cost and when they will settle.
“We had a slow response time, and the rates and the transparency weren’t brilliant. Everything was a single transaction with no relationship there. We were at the behest of the other provider to provide payments, with no clarity on when the suppliers were going to receive them.”
Peter Coffey, Managing Director, Coffey Healthcare
Peter Coffey met with a member of the Alt21 team in Dublin who walked him through the platform. After the demo, the switch happened quickly. Two things stood out during evaluation:
1. Visibility on rates and costs
The team describes the most immediate change as visibility.
Where they had little sight of what an FX rate would be, or what a transaction would ultimately cost, Alt21 shows both at the point of trade, including the exact amount debited and the amount sent to the supplier.
“We do exact amounts to suppliers. We know, literally down to the penny and the cent, exactly how much it’s costing us. We have more clarity and more accuracy on the transaction and the fees attached. It just makes life so much easier.”
Peter Coffey, Managing Director, Coffey Healthcare
That accuracy feeds directly into the team’s weekly planning meetings. With costs known at the point of trade, the team can commit to payments knowing what will leave the account and what the supplier is due to receive.
2. Control over payment timing
With the previous provider, the team found it had little visibility when a transaction would settle, and no practical way to change course once it was placed.
Using Alt21, the team can schedule payments and request that they be expedited or delayed, subject to cut-off times for the currency.
“The Alt21 platform gives us timings and gives us the ability to expedite or delay payments, whichever the case may be. So we can tailor those.”
Peter Coffey, Managing Director, Coffey Healthcare
That control matters for a business planning payments a week at a time. When priorities shift, the team can move payments accordingly.
Getting up and running
The Coffey Healthcare team described getting started on Alt21 as straightforward. Onboarding was led by Patricia, an account manager at Alt21, over two or three short sessions. The team’s questions were more about reassurance than about how the platform worked.
“Patricia gave us the training. It wasn’t difficult at all. We did two or three sessions of 20 minutes, half an hour each. It was more to allay our own fears than the usability of the system, and it was very easily picked up.”
Peter Coffey, Managing Director, Coffey Healthcare
Data hosting was one of the queries the team raised early, given the regulated nature of their sector. Those questions were resolved quickly.
Early on, the team highlighted the platform’s layout and the process for setting up new supplier beneficiaries.
“The simplicity, to be fair. It’s clear, it’s laid out cleanly and neatly. The functionality is there. Setting up new beneficiaries is very simple, which we were pleasantly surprised at.”
Peter Coffey, Managing Director, Coffey Healthcare
Since onboarding, the team has continued to work with Patricia. In their experience, she has responded quickly when questions have been time-sensitive.
“We had an issue recently and reached out to Patricia. We had a resolution in half an hour to 40 minutes, which was great because it was time-sensitive. She just went, ‘yes, no problem, I’ll sort it.’”
Peter Coffey, Managing Director, Coffey Healthcare
That combination is what the team values. The platform handles the day-to-day, and support has been responsive when they’ve needed it.
How Coffey Healthcare uses Alt21 today
The team uses Alt21 for spot FX execution across USD and GBP supplier payments. Coffey Healthcare does not currently use forwards; the team has assessed them but prefers to commit to spot rates at the point of trade.
Day-to-day, Alt21 sits at the centre of the team’s weekly rhythm. In their finance meetings, the team reviews supplier commitments, setsthe FX purchases needed to cover them, and lines up the payments to execute. Every user on the team approves payments collectively before they go through.
The difference
Based on Coffey Healthcare’s experience, the team identified the following benefits:
- Fewer payment errors: In Coffey Healthcare’s experience, suppliers have received payment to the exact amount, reducing the risk of under- or overpaying.
- Time saved: The team estimates approximately 45 minutes to an hour a month is saved on transaction management, alongside a reduced FX admin burden for the team overall.
- Visibility on rates and costs: Costs are shown at the point of trade, allowing the team to plan accurately in their weekly finance meetings.
- Control over payment timing: The team can schedule, expedite or delay payments as their priorities shift, subject to cut-off times for the currency.
These figures reflect Coffey Healthcare’s own experience with Alt21. Results will vary depending on your business, your payment volumes and your existing setup, so they should not be read as a guide to what your business would save or achieve.
In their words
“It’s simple. It’s clear. It’s concise, it’s accurate. It’s speed. I’ve recommended it to others.”
Peter Coffey, Managing Director, Coffey Healthcare
ALT21 Europe Limited is authorised and regulated by the Malta Financial Services Authority as an Investment Firm under the Investment Services Act (Cap. 370 of the Laws of Malta), and as a Financial Institution for the issuing of electronic money and provision of payment services under the Financial Institutions Act (Cap. 376 of the Laws of Malta). The registered address is 171, Triq l-Ifran, Valletta, VLT 1455, Malta. This article has been produced by ALT 21 Europe for information purposes only. This case study describes the experience of a single client and is specific to this client’s operational setup and treasury activity. Past or described outcomes are not indicative of future results, and outcomes will vary by client. It does not constitute financial advice or an offer to sell or the solicitation of an offer to buy any products referenced. Hedging products are not suitable for every business. Before entering into any FX product, you should consider whether it is appropriate for your needs and circumstances. ALT 21 Europe assumes no liability for errors, inaccuracies, or omissions. Eligibility criteria and terms and conditions apply to all products and services offered by ALT 21 Europe. Not all applications will be accepted.
